KingWorldnews

Whistleblower Andrew Maguire told King World News that more than a stunning 500 tons of paper gold has been sold in today’s takedown in the gold market.  Maguire also spoke to KWN about the staggering Chinese physical gold purchases.  Below is what Maguire had to say in this remarkable and exclusive interview.
 
Eric King:  “How much paper gold was sold to take this market down, and how much tonnage have the Chinese and others been taking out of the physical market?”

Maguire:  “Just since the cross (today) of $1,550 into the (London) fix and the breach of $1,500, we are now looking at in excess of 500 tons of paper gold that’s been sold....

Eric King:  “So all of that is today?”

Maguire:  “Yes.”

Eric King:  “So when you look at the tonnage being taken out by the central banks in the last couple of weeks, including today, what kind of tonnage are we talking about on the physical side?”

Maguire:  “Deliveries in Shanghai alone in March were 283 tons.  In the eight trading days of April, we have seen another 117 tons (of gold) delivered.  Today was another 20 tons delivered.  So what we are looking at here is over 400 tons (of gold) in less than a month and a half.

Eric, consider that the basis of all of the mainstream media shills coming out and saying, ‘We’re in a bearish market because GLD, the ETF, has dumped around 200 tons since the beginning of the year.  But what we are talking about here is China having purchased and taken delivery of over 400 tons in less than a month and a half.  And since the beginning of the year (that figure) is substantially higher.  It’s probably in the 800 ton range (for the Shanghai Exchange).

So it just amazes me how people concentrate on what’s happening in one paper market.  What we are seeing today is actually a very positive development.  I think we’ve reached a point of capitulation.  I cannot see how the central bank buying cannot overwhelm all of these short sales, despite the leverage.”